You certainly have to be among the luckiest men and women on the earth to have won a lottery. If the won amount is substantial, the agency organizing the lottery mostly pays the amount under a structured settlement scheme, wherein a fixed amount is paid to the winner per month, or on an annual basis, for a certain number of years, in a manner that the amount won is completely paid. Not only does this course of action make it easier for the agency to manage the hefty amount to be paid, but also makes money management for the winner easier, as the monthly or annuity amounts act like an additional secure source of income. However, there could easily be a reason for you to consider selling off the lottery payments spread over a timeline right away, and enjoy lump sum payment now instead of waiting for small inflows for a longer time.
Why would you want to sell off your lottery payments for immediate cash?
It might not seem like the first thing that would come to your mind upon winning a whopping lottery, but then, selling the lottery payment off for cash will not look that distant a route when immediate cash requirements seek you in the face. Consider having to pay a hefty mortgage amount, and not having another source of money. In such a case, you could make your life tension free by clearing off the amount, and that can only be done if you sell your lottery payment off for immediate cash. Clearing a house loan, buying a new house, and renovating your house – all are challenges faced by most individuals, and your lottery can prove to be your magic carpet to sail you through this financially challenging times.
Apart from the situations mentioned above, there are other cases when selling off your lottery payments for immediate cash will prove to be a financially smart decision. You could invest your lump sum cash in starting a business venture that would give you secure payments over time, and will give you financial independence from your job. Moreover, you could invest in a portfolio of financial instruments and make your money with time. Not only this, but you also save a lot on the tax payments that you’d otherwise have had to make over the long term.
How can you sell your lottery payments?
You’ll need to look for companies from the lottery prize payment finance industry to sell off your lottery payments to. Look for government approved companies that will buy your lottery prize money at a lump sum amount that’s worthy enough. Beware of middlemen who plug themselves between lottery winners like you, and the financial institutions that buy these payments from you for lump sum amounts, with a discounted rate being used. You can get the immediate cash payments pretty quickly, and alleviate all your immediate cash need related problems.
{ 1 comment… read it below or add one }
I’ve never played the lottery but this theory makes sense.